The previous week's figures were revised up to 371,000 from an earlier estimate of 368,000. Though weekly numbers move up and down, based on seasonal factors, the trend shows claims steadily following the past few months. .

The four-week average, a less volatile measure, dropped to 350,500, the lowest in nearly five years. The average is low because of seasonal factors, which reduced applications sharply last month.

It's a sign that joblessness is not getting worse although there's little evidence that job creation is improving enough to boost economic growth.

The four-week average of applications has dropped nearly 6% in the past three months. At the same time, hiring has picked up: Employers added an average of 200,000 jobs a month from November through January.